VIX at a big support level…if it holds watch equities lower…
Boring Tape…Patience is needed
Buying into a 11% rally (SPX) in just 6.5 trading sessions is bad risk/reward. the trading week thus far is boring and is requiring much patience. patience however will get rewarded if we exercise discipline. at this stage our portfolio is fairly flat and we are looking for a little pause/pullback of this rally. until […]
Update on CSCO
our bucket 3 holding in CSCO remains acting well…which is easy in this type of bear market rally, so no selfglorification here. the weekly chart shows resistance right here right now. ditto on the daily chart…the 200 moving average right here…right now the long term target level for us is near $22…but i reiterate…LONG-TERM
A 11% Rally INTO Earnings Season…
…this makes it just a little…or maybe alot…more difficult for companies to rally significantly THROUGH earnings seson. it's something to keep in mind as we are setting up for JPM and GOOG to report tomorrow. what are we doing? trimming off some of our long bucket 3 inventory in CSCO and feeding it to the […]
sold short a little SPY into the close here …
…for a quick bucket 2 try
Gamestop May Soon Work Higher
GameStop Corp (NYSE:GME) is a retailer of video game products and PC games. As the stock has recently made a good move off a near-term bottom despite lousy August video game sale numbers it caught my attention. The weekly chart displays a narrowing trading range dating back to 2009. On the week of […]
Autozone Topside Breakout Potential
With more than 4,600 stores in the US, Puerto Rico, and Mexico, Autozone (NYSE: AZO) is one of the larger U.S. based retailers and is a Fortune 500 company. Its business of selling automotive replacement parts and accessories is doing well and the stock had a monster year in 2010, up more than 70%. […]
EUR/USD At Support Level
The dollar rallied further yesterday, bringing the EUR/USD back down to a multi-year trend line. In early April the dollar pierced through a downward sloping trend line near 1.42 at the time and now is retesting these levels. While this could provide some sort of support, our take is that the dollar's strength here, partially […]
Altria Group (MO) All-Time High A Fade?
Yesterday MO made a new all-time high and as such closed above last November's high. With earnings coming up on April 20th and the stock having had the massive move up, the question I am asking is whether it is worth trying to fade this potential double-top formation. Fundamentally speaking I can see demand from […]
Chesapeake Energy (CHK) Failing At Important Levels
Yesterday I scribbled about the nice consolidation phase in CHK and how above $34.60 I could be a buyer for a bucket 2 trade, see here http://steadytrader.wpengine.com/chesapeake-energy-chk-attractive-above-34-60/ Today's price action is entirely different and all the more important to note. Today CHK broke below an uptrend line in place since last December, as well as the […]